Collaboration aims to produce higher crop yields and quality using less energy than traditional LED lighting
TEL-AVIV, Israel and TORONTO, Sept. 14, 2017 /CNW/ - Flora Fotonica Ltd. ("Flora Fotonica"), a developer of advanced grow light technologies for the Cannabis industry and MedReleaf Corp. (TSX: LEAF) ("MedReleaf" or the "Company"), Canada's first and only ISO 9001 and ICH-GMP certified cannabis producer, are pleased to announce the signing of a binding agreement to invest and collaborate on the research and development of specialized grow lighting systems for cannabis cultivation. Flora Fotonica will provide MedReleaf with exclusive access to its proprietary LED lighting technology and MedReleaf will dedicate licensed growing space, laboratories, and research personnel. Financial terms of the agreement are not disclosed.
"We have a deep connection to the world leading Israeli medical cannabis industry and a successful track record bringing their research and innovations to market on an industrial scale," said Neil Closner, CEO of MedReleaf. "Our ability to iterate quickly and drive ongoing process improvements are a source of competitive advantage that allows us to increase capacity and lower production costs throughout our cultivation activities. In working with Flora Fotonica, we will continue to advance the global standard MedReleaf has set when it comes to product quality, yield, and crop optimization in the cannabis industry."
Flora Fotonica has developed a proprietary lighting technology that is expected to enable significant increases to crops yield and active cannabinoids such as THC and CBD while substantially reducing energy consumption versus other LED lighting systems used in the industry today.
Flora Fotonica's Co-Founder & CEO, Menachem Schwartz added: "MedReleaf is one of the global leaders in certified cannabis production and Flora Fotonica is a unique innovator in the indoor farming lighting systems arena. We believe the collaboration between our two companies will result in groundbreaking results in the cannabis market, both in terms of pricing as well as product quality."
About Flora Fotonica Ltd.
An Israeli company established by technology and science veterans, Menachem Schwartz (CEO) and Gennadi Berinsky (CTO) in order to bring innovation and long-term solutions to "Better than Sun" lighting for indoor farming. The Company has developed proprietary technology producing significantly better results in crop yields and quality than conventional HPS and LED lighting with significantly reduced energy consumption.
About MedReleaf Corp.
MedReleaf sets The Medical Grade Standard™ for cannabis in Canada and around the world. The first and only ICH-GMP and ISO 9001 certified cannabis producer in North America, MedReleaf is a R&D-driven company dedicated to patient care, scientific innovation, research and advancing the understanding of the therapeutic benefits of cannabis. Sourced from around the world and perfected in one of two state of the art facilities in Ontario, MedReleaf delivers a variety of premium products to patients seeking safe, consistent and effective medical cannabis.
For more information on MedReleaf, its products, research and how the Company is helping patients #livefree, please visit MedReleaf.com or follow @medreleaf.
Forward Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation which are based upon MedReleaf's current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, MedReleaf does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for MedReleaf to predict all such factors. When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements in MedReleaf's Final Long Form Prospectus dated May 30, 2017 and filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in MedReleaf's Final Long Form Prospectus could cause actual events or results to differ materially from those described in any forward-looking information.
SOURCE MedReleaf Corp.
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